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Best way to transfer income

Discussion forum for expat personal financial issues.

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Best way to transfer income

Post Posted: Tue Feb 07, 2017 3:34 pm

Since my residence in Spain is probably not permanent, I don't want to change my Social Security away from my U.S. credit union. But to put funds in a Spanish bank, I'd rather not pay the one percent fee to Visa plus the ATM fee to carry cash from an ATM to the bank. And I certainly don't want to pay a forty-dollar wire transfer. Suggestions?


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Wes Groleau
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WGroleau
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Re: Best way to transfer income

Post Posted: Fri Mar 17, 2017 7:55 pm

Hi, it may be a bit old fashioned but why not write a check from your US account and deposit it into your Spanish a/c? I do a similar thing from funds from the UK to my Canadian bank, the bank holds onto the check proceeds for a week but no fee (apart from the usual conversion rate). I don't do it every month but once a quarter works for me.

 

kingsboy
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Re: Best way to transfer income

Post Posted: Sat Mar 18, 2017 4:20 pm

I will try that, but I suspect the Spanish bank's "commission" on the exchange will be worse than the one percent fee on the Visa or the ATM charge.

I do have a fallback: Schwab bank refunds ATM fees and has exchange rates better than most. And the credit union charges no fee to send money to Schwab.

I thought I could use PayPal as a middleman, but they won't allow a non-U.S. bank to be attached to my account. Plus, Paypal's exchange rates are not favorable.


_________________

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Wes Groleau
Happy Hobo
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WGroleau
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Re: Best way to transfer income

Post Posted: Thu Apr 06, 2017 11:21 pm

And now PayPal has decided that my not having a phone means I'm trying to commit some kind of fraud.

And when I tried to deposit the rent money at the airport, the ATM was out of order. So now I'm in USA where La Caixa does not have a branch, and don't even have my checkbook! Suggestions?


_________________

--
Wes Groleau
Happy Hobo
伟思礼

 

WGroleau
Regular Poster
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Re: Best way to transfer income

Post Posted: Wed Mar 21, 2018 11:31 am

Why don't you speak to a broker? Assuming that the amount which you want to transfer is quite large i.e. over $3k - they're more likely be able to get you a better deal than PayPal or a bank. The reason they are cheaper is that they typically wouldn't charge a fee and if you're flexible with when you transfer, there's options such as fixing an interest rate or transferring once the interest rate hits a specific target so you get maximum returns.

If the amount which you need to transfer is smaller then peer to peer platforms are usually cheapest, so in this case PayPal might actually be a good bet as would Transferwise or Revolut

Here's a couple of articles which explains your options much better than i ever could:

www.compareforeignexch...fx-broker/

and this one is worth reading

www.moneysavingexpert....y-exchange

 

enaat
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